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Mphasis - Q1 FY22 first cut - YES Securities

Posted On: 2021-07-25 07:20:38 (Time Zone: UTC)


Strong performance- Revenue above estimate; EBIT margin inline

- Reported revenue of Rs 26,008 mn (up 6.6% QoQ), which was above estimate. The growth was led by Direct revenue which grew by 10.8% QoQ. On the other hand DXC revenue declined by 17.7% QoQ and now forms 9% of revenue

- EBIT margin declined by 20 bps QoQ to 15.9% inline with estimates as wage hike impact was mitigated through reduction in SG&A.

- Robust deal booking as of $505 mn in the quarter ( up 92% YoY) with 85% of deal wins in new Generation services.

- Cash and Equivalents increased by Rs 4.6 bn to Rs 34.4 bn.

- Offshore revenue mix declined 200 bps QoQ to 41%.

- Won 6 clients in the quarter compared to 8 in Q4FY21

- DSO decreased by 2 days QoQ to 61 days.

- Total headcount increased by ~2k to 34,396.

View: Overall, strong result with revenue above estimate and EBIT margin along the expectation. Margin pressure like to increase with higher attrition going ahead. Deal booking remains strong and offers strong revenue growth visibility. Trades at PE of 26x on FY23 earnings. We currently have ADD Rating on the stock.

Shares of MPHASIS LTD. was last trading in BSE at Rs. 2526.05 as compared to the previous close of Rs. 2396.85. The total number of shares traded during the day was 227754 in over 14118 trades.

The stock hit an intraday high of Rs. 2692.35 and intraday low of 2472.7. The net turnover during the day was Rs. 586787278.


Source: Equity Bulls

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